FedEx still working on recovery from cyberattack at TNT unit

MEMPHIS, Tenn. (AP) — FedEx Corp. says it is still working to recover from a cyberattack that hit its European TNT Express unit, and the incident could have a material impact on its financial results.

Shares of FedEx fell 3.4 percent Monday morning but recovered about half by the close of trading.

FedEx said in a regulatory filing that the June 27 attack was causing lost revenue and higher costs for Netherlands-based TNT, which FedEx bought for $4.8 billion last year.

The so-called Petya attack spread a virus through a Ukrainian tax-software product that was used by TNT. FedEx said that all TNT facilities were running but many tasks were being performed manually and customers were experiencing delays.

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Memphis-based FedEx, which first reported the attack on June 28, said systems in the rest of its businesses were not affected. The company said it did not have insurance to cover the attack.